Mangalore Chemicals dips after multiple block deals

Mangalore Chemicals and Fertilisers has dipped nearly 10% to Rs 56.80 on back of multiple block deals on the Bombay Stock Exchange (BSE). The stock opened at Rs 62.60 and hit a high of Rs 64.50 so far.

As many as 22.76 million shares representing 19% of total equity of the company have changed hands on the counter on the BSE till 0937 hours against an average sub 1 million shares that were traded daily in past two weeks.

According to market reports, about 13.24 million shares or 11% stake have changed the hands through seven block deals. The buyers and sellers are not immediately known.

As on March 2013, the promoters along with United Breweries Holdings hold 22% stake in UB Group firm. Individual public shareholders hold 37.05% stake, followed by bodies corporate (20.41%) and mutual funds (5.03%), while the remaining 15.51% stake are with the clearing members, central and state governments and others.